- Mineral explorers Rafaella Resources (RFR) has had a busy December quarter, closing off key tasks
- During the quarter, the company released its pre-feasibility study (PFS) for the Santa Comba Tungsten and Tin Project in Spain, which set up a five-year open pit mine life at 1.3 million tonnes per annum
- Rafaella is now preparing to start developing the Santa Comba project
- The company also completed the purchase of the Midrim and Laforce projects in Canada and found significant copper, gold and silver targets at the McCleery Project
- At the end of the period, Rafaella had over $1.5 million in the bank
- Rafaella finished the day up 3.95 per cent and is trading at 7.9 cents per share
Rafaella Resources (RFR) has had a busy December quarter, closing off key tasks.
During the quarter, the mineral company was focused on completing the pre-feasibility study (PFS) for the Santa Comba Tungsten and Tin Project in Spain, as well as closing the Canada purchases and advancing its polymetallic McCleery Project.
Last month, the company released its PFS for the Santa Comba, which saw the project with a five-year open pit mine life at 1.3 million tonnes per annum.
The study also assigns the project a proven and probable ore reserve of 4.59 million tonnes at 0.148 per cent tungsten.
Rafaella is now looking to finalise its metallurgical test work with the processing of an eight-tonne sample. It is also commencing site preparations as it prepares to start development of Santa Comba, with the first sales targeted at the end of 2021.
Notably, recommissioning the underground operation — the economics of which are not included in the PFS — has already commenced.
The company completed its purchase of the Midrim and Laforce nickel, copper and platinum group element (PGE) deposits in November.
The projects are located in the highly prospective Belleterre-Angliers Greenstone Belt in the Province of Quèbec, Canada.
Rafaella first entered a conditional agreement to purchase the projects from Meteoric Resources (MEI) in August 2020.
A helicopter-borne geophysical survey is currently being planned at the projects. The survey will use the latest technology to target deeper anomalies.
In December, Rafaella identified significant copper, gold and silver targets at the McCleery Project in Canada.
The mineralisation is predominantly copper-silve, with up to 11.31 per cent copper and 528g/t silver returned.
The company says the mapping, geochemistry and petrological surveys are well advanced, with implementation planned for early next field season, which starts in June 2021.
Over the quarter, the company burnt through $394,000 on operating activities and $714,000 was spent on investing activities.
At the end of the period, Rafaella had over $1.5 million in the bank.
Managing Director Steven Turner says the December quarter was one where Rafaella closed out several key tasks.
"In Spain, we continue to advance Santa Comba, completing a detailed PFS that shows the project has the potential to rapidly payback capital and achieve strong
operating cash flows. With underground recommissioning and site preparation already underway at Santa Comba, we have made a strong start to 2021," he said.
"In Canada, we completed the acquisition of the Midrim/ Laforce projects, thereby executing our desired shift for greater exposure to critical metals in selective mining-friendly jurisdictions," he added.
Rafaella finished the day up 3.95 per cent and is trading at 7.9 cents per share.